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How Egypt’s economy can continue to thrive during a global pandemic
Jun 5, 2020
COVID-19 has reshaped the social and economic progress that Egypt has experienced. Private investors in infrastructure can help expand transportation, upgrade power grids, and improve water sanitation and supply. Egypt could rebalance its supply chain to ensure food security. The government should promote Egypt as a hub for business process outsourcing.
Egypt is one of the Middle East’s most powerful transformation stories. Emerging from a difficult period in its history, the country’s performance has been aided by economic reforms, favourable demographics, and a stable inflation rate. Last year, Egypt’s GDP expanded by 5.6% .
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But similar to the trajectory of other developed and developing economies, COVID-19 has reshaped the social and economic progress that Egypt has experienced. The pandemic – which is at its core a humanitarian and public health crisis – needs collective action to protect lives and livelihoods.
The Egyptian government has been negotiating with international multilateral institutions and recently secured an emergency loan from the International Monetary Fund (IMF) to shore up the economy. It has also been engaging with the private sector on employment, taxes, and extending low interest loans.
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